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land- rent
labour- wages
capital- interests
organisation- profit
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Factors of production and its rewards?
land labor capital entrepreneur
When determining the rewards of factors of production?
When determining the rewards of factors of production, economists consider the contributions each factor makes to the production process. Land typically earns rent, labor receives wages, capital generates interest, and entrepreneurship yields profit. These rewards are influenced by supply and demand dynamics, productivity levels, and the competitive environment in the market. Ultimately, efficient allocation and utilization of these factors maximize overall economic output and growth.
What are the rewards of the four factors of production?
The remuneration of the four factors of production; land, labour, capital and enterprise are respectively, rent, wages, interest and profit.
What are the factors of production and their respective rewards for being used in the production process?
FACTORS OF PRODUCTIONREWARDEXAMPLECapitalInterestMachinery, equipment, buildingsEntrepreneurshipProfitBusiness owner, factory ownerLandRentMineral deposits, soil, timber, water, land itselfLabourSalaries and WagesFarmworkers, miners, artisans, technicians
What do economists consider as basic resources or factors of production?
The most important resources or factors of production in economics (with their respective factor rewards in parentheses) are: Land (rent); Labour (wages); Capital (interest); Entrepreneurship (profit). These factors, combined with management and economic risk taking, combine with other factors (specific to the industry) to produce output.
What are factors of production name any four factors of production.?
Factors of production
What are Reinforcing factors?
There or not! ex: rewards, support, encouragment,
Define factors of production?
Factors of production are the inputs for the production process. Three basic factors of production are land, labor, capital and entrepreneurship.
Factors of production of photography?
what factors of production is needed for photography
Discuss the mobility of factors of production?
mobility of factors of production
How to increase or improve the factors of production?
how to improve factors of production
What are the financial rewards for each factor of production?
The Financial Reward is called Profit
